By Valentine Omondi
Kiharu MP Ndindi Nyoro has intensified his criticism of President William Ruto over the sale of a 24.76 per cent stake in Kenya Pipeline Company (KPC), accusing the Head of State of involving public pension funds in a transaction that he claims could leave savers disadvantaged.
Speaking at Mother’s Union Hall in Murang’a town on Tuesday, October 27, 2026, Nyoro challenged Ruto to stop conducting business through public assets, arguing that his responsibilities as President should take precedence over commercial interests.
The People’s Party of Kenya leader alleged that chief executives of public institutions, including the National Social Security Fund (NSSF) and the Public Service Superannuation Scheme (PSSF), had been directed to purchase KPC shares during the initial public offering before some institutions subsequently sold their holdings to a private investor.
He further claimed that investors involved in the transaction made KSh16 billion in profits within five days, questioning why public institutions had invested billions of shillings in the company only to sell a substantial portion of their holdings months later.
“William Ruto, stop doing business. You are the President of Kenya,” Nyoro said, arguing that the President could not simultaneously defend the interests of Kenyans and take sides in commercial negotiations involving public assets.
Nyoro also criticised Ruto over his recent remarks in Ukambani, accusing him of prioritising commercial interests at a time when Kenyans were struggling with economic pressures.
KSh42.5 Billion Share Sale Raises Questions
The dispute follows the transfer of approximately 4.5 billion KPC shares, representing 24.76 per cent of the company, in a transaction valued at about KSh42.5 billion.
The shares were acquired by an investor linked to Nigerian billionaire Aliko Dangote, who confirmed on October 21 that his business interests had secured a 25 per cent stake in Kenya’s petroleum pipeline operator.
The transaction involved public institutions and pension schemes that had invested heavily in KPC during its initial public offering earlier in 2026.
The government had priced the shares at KSh9 each during the IPO, which opened on January 19 and closed on February 24. Trading on the Nairobi Securities Exchange began on March 9.
The offering raised approximately KSh112 billion against a government target of about KSh106 billion, with public institutions accounting for a significant portion of the investment.
NSSF invested approximately KSh38.5 billion, while the Public Service Superannuation Scheme committed about KSh13 billion. The County Workers Pension Fund and pension schemes associated with state corporations also participated.
However, the subsequent sale of a substantial shareholding to a private investor has triggered questions about the investment decisions made by the institutions and the returns they obtained from the transaction.
Nyoro has argued that the selling institutions may have incurred losses after accounting for transaction costs and the time value of money, insisting that pensioners’ savings should be protected through sound investment decisions.
Ruto Defends Dangote Investment
Ruto has defended the transaction, presenting the acquisition as evidence of growing investor confidence in Kenya’s capital markets.
Speaking during the Mashujaa Day celebrations on October 20, the President said private investors had acquired a stake of approximately 25 per cent in KPC from public entities.
The Head of State has also argued that the investment could increase the company’s value and deliver broader economic benefits to Kenyans.
On Tuesday, October 27, Ruto again defended the investment during the groundbreaking ceremony for a cement factory in Ngaaie, Kitui County, urging Nyoro to focus on the wider economic benefits of investment rather than debates over company shareholding.
The President said KPC’s share price had increased following Dangote’s investment, arguing that the transaction could strengthen the company’s value and future earnings.
Treasury Cabinet Secretary John Mbadi had earlier dismissed claims that the transaction amounted to an improper takeover, describing the sale as a commercial agreement between a willing seller and a willing buyer.
Mbadi also cautioned Nyoro against making statements that could discourage foreign investors from investing in Kenya.
The government’s defence has placed it at odds with Nyoro, who maintains that the involvement of public institutions and pension funds in the transaction deserves greater scrutiny.
Nyoro Links KPC Deal to Wider Investment Concerns
The Kiharu MP’s criticism extends beyond the KPC share sale to the proposed Dangote East Africa Refinery in Lamu.
Nyoro has demanded the publication of the refinery’s investment agreement and shareholder register, arguing that Kenyans should know who stands to benefit from the project and what commitments the government has made.
He has alleged that the KPC transaction could be connected to broader investment arrangements involving Dangote’s business interests.
The MP has also questioned the ownership structure of the proposed refinery and called for transparency over the terms governing the project.
His concerns follow the launch of the refinery project by Ruto and Dangote on September 30, 2026, which the government has presented as a major investment expected to strengthen Kenya’s petroleum sector.
The government has previously rejected suggestions that Ruto personally owns shares in the refinery, with Treasury CS Mbadi explaining that the proposed regional ownership arrangement provides for governments to hold a combined 30 per cent stake.
Nyoro’s latest criticism therefore places the management of public investments, the protection of pension savings and transparency in major private-sector deals at the centre of an escalating political dispute.
With Ruto defending the KPC transaction as an investment opportunity and Nyoro demanding greater scrutiny of the decisions behind it, the debate is likely to remain focused on whether the sale delivered an appropriate return to the public institutions that previously held the shares.
